Bitcoin is Quite Bullish Despite Selloff, It Could Attain $11k
The price of BTC/USD pair retraced lower sharply from the barrier at $10.5k. Nevertheless, the price remains over the major $9.8k support and it may soon experience another rally.
In the previous week, the pair sustained a buying sentiment over the $10.3k zone. Its rally was extended towards $10.5k and was able to establish a level over the 100 SMA.
It eventually attained a fresh 2020 high at $10,507 prior to the beginning of a downside retracement. It appears that the pair attempted to surge past $10.5k, but the buyers could not make it happen.
Hence, the pair declined under $10.4k and $10.3k, such that it spiked beneath the support zone at $10k. Nevertheless, a look at the 4-hour chart of the pair revealed that it secured a powerful support close to $9.8k together with the 100 SMA.
The pair was able to form a swing low close to $9,764 and it is now experiencing an upsurge. In addition, a major bullish trend line is being formed with support close to $9.8k on the same chart.
A look the upside shows the first barrier is close to $10,140. Hence, if the price surges past $10,140 and $10.2k, it may pave the way for a bigger upside move ahead. An upsurge could make the buyers focus on a break over $10.5k and a visit to $11k zone.
A look at the downside shows that the pair is supported at $9.8k support and the 100 SMA is the key. The occurrence of a daily close beneath the support at $9.8k could make the pair to strive over the $9.5k support.
If the pair returns to the downside, there is likelihood of more downside retracement towards the $9k support zone.
Featured image courtesy of Shutterstock. Source: Cryptopress.